What do comparable tell you?

We added 800 SF and updated all electrical and plumbing and completely renovated with contemporary elements typically not found in historic neighborhoods, such as open floor plan, large closets and master suites (both up and down) and gave the house a modern aesthetic. 

If you don't, you are looking at getting into credit card problems.Even though we are paying a little more on the contractors, it is almost a wash compared to carrying costs if we financed through HML or private lenders.

Here is how to do it in any market 1) block must I repeat must be desirable for the area (one or two vacant buildings and no bad elements)2) good property management (treat your tenants like hotel guests)3) buy well high yield for higher risk4) solid construction with lots of upgrades keeps tenants long term.

Fortunately Canadians are smart enough not to make RICO level mortgage origination fraud legal (unlike your southern neighbors here in the US) so a collapse brought on by mortgage rates resetting on borrowers who had no business getting a mortgage in the first place is very unlikely.On the other hand with mortgage rates below 3% and most Canadian mortgages being short term (compared to a 30 year in the US at least) if rates rose significantly a lot of folks might have a hard time affording the new payment when the loan was due to roll over.

Just tell them your story and explain what is going on especially if your income is projected to go up in the coming years compared to the 2 prior.

2 bedroom, 1 bath, townhouse in Reading, Pa.Buying for 13,000.Paying $6500 cash and owner financing remaining $6500 over 2 years at 9% interest ($297 monthly)Comparable houses in area average 15k-30kNeeds about 6k in repairs to get up to comfortable standard.

This is very much a sticking point for me, and I'm just trying to compare notes here...Thanks, guys!

Although they compared it unfavoribly to a duplex next to us that I consider not as nice as ours.  

the internet has changed this a lot compared to what it used to be ..